The stock market indexes started the week off with a crawl, and improved in the past hour of trading Monday. Investors are awaiting July retail sales numbers and several key retail earnings reports this week.
Investors will be looking at retail earnings reports including Walmart, Target and Home Depot this week to evaluate consumer strength.
July retail sales will be released Tuesday at 8:30 a.m. ET, with an expected 0.4% increase, both with and without vehicles and gas.
The major indexes were all positive, with the Nasdaq composite bumping up 0.7% in stock market action. The Dow Jones Industrial Average crept up 0.1% and the S&P 500 increased 0.4%. The small-cap Russell 2000 underperformed the major indexes and fell 0.5%.
The Nasdaq composite remains under the 50-day moving average. The Dow is trading above its 21-day-exponential moving average, while the S&P 500 is seeking support at its 50-day line.
Meanwhile, the Nasdaq 100-tracking Invesco QQQ Trust ETF crept up 0.9%. And the Innovator IBD 50 ETF fell 0.2%.
Volume rose on the NYSE but fell on the Nasdaq vs. the same time on Friday.
Investors will be poring over the Federal Open Market Committee (FOMC) minutes from its latest meeting. The minutes are being released Wednesday at 2 p.m. ET and could offer clues about the Fed's next policy move.
The benchmark 10-year Treasury yield held steady at 4.17%.
Stock Market Action: Steel Stock Rallies
U.S. Steel gapped up over 30% in heavy volume on news that it rejected a takeover offer from competitor Cleveland-Cliffs for $17.50 a share in cash and 1.023 shares of Cliffs stock Sunday. U.S. Steel shares retook the 50- and 200-day lines. The steel company received multiple offers and said it is reviewing them as it weighs strategic options.
Monday's jump for U.S. Steel is on pace to be the largest one-day percent increase on record for the company.
Cleveland-Cliffs stock gained 8% on the news. Among other steel stocks, Steel Dynamics popped 5.7%, while Nucor jumped 3.8%.
Monday.com jumped over 11% after it reported better-than-expected second-quarter earnings and sales. It also raised its full-year revenue guidance. The work management platform projects 32% to 34% Q3 revenue growth.
Monday.com reported a quarterly profit of 41 cents per share, vs. a loss of 33 cents in last year's Q2, on 42% sales growth.
"We saw healthy customer demand in the second quarter, reflecting our commitment to rapid innovation," said Roy Mann, founder and co-CEO.
"We also launched our AI Assistant in the quarter and are excited about the opportunities we see ahead with AI," he added. Shares had triggered a round-trip sell rule after giving back gains from a 171.89 buy point. The stock is testing resistance at its 50-day line.
Other Stock Movers: PayPal To Get A New CEO
Digital payments company PayPal advanced 2.2% on news that Alex Chriss from Intuit will take on the roles of president and CEO effective Sept. 27. Chriss will replace current CEO Dan Schulman who is set to retire at the end of the year.
Shares sold off over 12.3% on Aug. 3, following PayPal's second-quarter earnings report showing decreasing operating margins. Meanwhile, Intuit stock climbed 1% on the CEO news.
Micron spiked nearly 5% after five consecutive down days, and reclaimed its 50- and 21-day lines.
Nvidia rebounded 5.4% after four days of selling. The leading AI chip stock remains below its key 50-day line, but appears to be holding around 400, where there was support in June.
Okta shares popped 2.4% in heavy volume after Goldman Sachs upgraded it to buy from sell and raised its price target to 91 from 77. The identity security stock reclaimed its 21- and 50-day lines as it tries to develop an actionable chart pattern.
Jinko Solar gave back early gains to fall over 3% in heavy volume, after the Chinese solar module company reported a beat on Q2 profit and sales.
Tesla fell 2% following Sunday's news that it will reduce prices on two versions of its Model Y SUV in China. The EV stock continues to fall below its 50-day line after its Q2 post-earnings plunge that started on July 20.
Urban Outfitters inched up 0.3% after Citigroup downgraded the clothing retail stock to neutral from a buy rating and raised its price target to 40 from 36.
Follow Kimberley Koenig for more stock market news on Twitter @IBD_KKoenig.
